Rhumbline Advisers Trims Stake in Mueller Industries, Inc. $MLI

Rhumbline Advisers reduced its stake in Mueller Industries, Inc. (NYSE:MLI) by 17.1% in the second quarter, Holdings Channel.com reports. The institutional investor owned 321,649 shares of the industrial products company’s stock after selling 66,563 shares during the period. Rhumbline Advisers’ holdings in Mueller Industries were worth $25,561,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of MLI. Invesco Ltd. grew its holdings in shares of Mueller Industries by 0.4% during the 1st quarter. Invesco Ltd. now owns 2,799,575 shares of the industrial products company’s stock worth $213,160,000 after acquiring an additional 10,968 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of Mueller Industries by 1.9% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,252,838 shares of the industrial products company’s stock valued at $184,890,000 after purchasing an additional 42,599 shares in the last quarter. LSV Asset Management boosted its position in shares of Mueller Industries by 0.9% during the second quarter. LSV Asset Management now owns 1,933,418 shares of the industrial products company’s stock valued at $153,649,000 after purchasing an additional 16,757 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec grew its stake in Mueller Industries by 15.7% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,224,842 shares of the industrial products company’s stock worth $93,259,000 after purchasing an additional 166,012 shares during the period. Finally, Systematic Financial Management LP raised its holdings in Mueller Industries by 1.0% in the first quarter. Systematic Financial Management LP now owns 957,113 shares of the industrial products company’s stock worth $72,875,000 after purchasing an additional 9,463 shares in the last quarter. 94.50% of the stock is owned by institutional investors.

Insider Buying and Selling at Mueller Industries

In other Mueller Industries news, Director Scott Jay Goldman sold 4,234 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $108.64, for a total value of $459,981.76. Following the completion of the transaction, the director directly owned 41,745 shares in the company, valued at $4,535,176.80. This represents a 9.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Gregory L. Christopher sold 158,000 shares of the firm’s stock in a transaction on Thursday, October 23rd. The shares were sold at an average price of $104.32, for a total transaction of $16,482,560.00. Following the sale, the chief executive officer owned 1,119,241 shares in the company, valued at $116,759,221.12. The trade was a 12.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 355,234 shares of company stock valued at $36,944,652 over the last 90 days. 2.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Mueller Industries in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Mueller Industries currently has an average rating of “Buy” and a consensus price target of $105.00.

Mueller Industries Trading Up 0.5%

MLI opened at $110.40 on Thursday. The company’s 50 day moving average is $103.37 and its 200 day moving average is $91.57. The company has a market cap of $12.26 billion, a price-to-earnings ratio of 16.48 and a beta of 1.04. Mueller Industries, Inc. has a 12-month low of $66.84 and a 12-month high of $111.39.

Mueller Industries (NYSE:MLI) last issued its quarterly earnings results on Tuesday, October 21st. The industrial products company reported $1.88 EPS for the quarter, missing analysts’ consensus estimates of $1.99 by ($0.11). Mueller Industries had a return on equity of 25.02% and a net margin of 18.10%.The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $942.00 million. During the same quarter in the previous year, the company earned $1.48 EPS. The business’s quarterly revenue was up 8.0% compared to the same quarter last year.

Mueller Industries Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.25 per share. The ex-dividend date is Friday, December 5th. This represents a $1.00 dividend on an annualized basis and a yield of 0.9%. Mueller Industries’s dividend payout ratio (DPR) is presently 14.93%.

Mueller Industries Company Profile

Mueller Industries, Inc manufactures and sells copper, brass, aluminum, and plastic products in the United States, the United Kingdom, Canada, South Korea, the Middle East, China, and Mexico. It operates through three segments: Piping Systems, Industrial Metals, and Climate. The Piping Systems segment offers copper tubes, fittings, line sets, and pipe nipples.